When Kristin Collier applied for her first credit card at age 22, she expected a quick approval. Instead, she was stunned to learn that her application had been denied and even more shocked when she discovered why. More than $200,000 in debt had been taken out under her name, including private student loans and credit cards she had never applied for.
It didn’t take long for Collier to uncover the truth:
Her mother, struggling with a gambling addiction, had taken out nearly all the loans without her consent. In legal documents reviewed by CNBC, Collier’s mother admitted she had used her daughter’s identity to borrow the money.
Collier tells the full story in her new book, “What Debt Demands: Family, Betrayal, and Precarity in a Broken System.” It chronicles her 10-year battle to remove the fraudulent debt, the emotional fallout within her family, and the broader realities of how debt shapes the lives of millions of Americans.
“This debt fractured our relationship.”
Annie Nova: How did you feel when you realized what had happened?
Kristin Collier: I felt like my mother had chosen casinos over me. I later gained a deeper understanding of addiction and of how predatory the student loan industry can be but at the time, it was devastating. At its peak, the debt required $2,000 a month in payments. I worked multiple jobs. All I could see in my future was more debt.
A system that failed both mother and daughter
Collier says her resentment eventually gave way to a broader view of the systems surrounding her situation.
KC: My mother should never have been able to take out those loans. If private lenders had acted responsibly, they would have noticed something was off. The loan amounts far exceeded what I would realistically need for a public in-state university. A rejection could have protected both of us.
Gambling and debt A destructive cycle
AN: What link do you see between gambling addiction and debt?
KC: Casinos are designed to extract every possible dollar. Their profits come overwhelmingly from slot machines, and most of that revenue comes from a small group of vulnerable gamblers. Everything from the floor design to the lighting keeps people playing past their limits. That combination creates financial devastation and, for some, addiction.
How the debt spiraled and how she fought back
Collier didn’t know how much of the money her mother borrowed went to casinos, but says some may have gone to basic household expenses as other funds were drained by gambling losses.
But clearing the debt proved nearly impossible because Collier refused to press criminal charges.
KC: Without going through the criminal legal system, many lenders wouldn’t work with me at all. Getting them to listen was a constant battle.
After a decade of letters, disputes, and dead ends, Collier finally used the bankruptcy process to open formal negotiations. Her mother and lenders eventually signed documents removing the debt from her name.
KC: I was lucky. Bankruptcy is not an available solution for most student borrowers.
The toll on her health
Debt didn’t just affect her finances it affected her body.
KC: In my early 20s, living in New York City and being harassed by debt collectors, I was constantly sick — ulcers, UTIs, stomach infections. The stress of unpayable debt showed up in every part of my life.
When debt becomes a family burden
Collier argues that in the U.S., debt is shaped by family circumstances and often shared by them.
KC: Families with fewer resources end up taking on more debt for education. Without universal free public college, the financial burden falls directly on households. In our family, high interest rates meant every paycheck went toward a ballooning balance. There was little left for care, housing, or when my father needed cancer treatment. Debt forces cruel choices.
The psychological weight of owing money
When interviewing others for her book, Collier found recurring emotional themes.
KC: People blame themselves. They’re told debt is a moral failing. Yet much of their stress comes from trying to make payments that were never affordable in the first place. They live with that anxiety every week, often for decades.